Indians want to prioritise spending on sustainable products: Amex Survey

Indians want to leave an impact on the planet by prioritising spending on sustainable products and contributing to local businesses, as per a recent American Express Trendex report. The survey found that about 87 per cent of respondents always or often purchase sustainable products and 97 per cent are interested in spending money on items that will have a positive impact on local businesses and communities---highest amongst all the other surveyed countries.

The survey further reveals that 98 per cent of respondents want to spend money on items that will help build low-carbon communities around the world. Another 97 per cent think all products should be environmentally friendly while 96 per cent think about the impact on the planet when making purchase decisions.

Notably, a whopping 92 per cent of Indian adults surveyed are willing to pay a premium for sustainable products. For 43 per cent, increased product availability and a better understanding of the product benefits are key motivators to purchase sustainable products in the future while for 37 per cent, it is a better price point.

“Indian customers are making conscious decisions and shifting their buying patterns by prioritising spending on sustainable products thereby contributing to local businesses and leaving a positive impact on the planet. Ever since the pandemic hit the world creating an irreversible impact on millions of people around the world, people are becoming increasingly mindful about the purchases they make and the impact that will create for generations to come,” said Manoj Adlakha, SVP and CEO, American Express Banking Corp India.

Indian adults surveyed have become more focused on a variety of sustainability topics this past year with air-pollution (96 per cent) and recycling, renewable energy, and climate action (95 per cent) gaining the most interest.

 

The survey also found 57 per cent of surveyed GenZ/millennials respondents are more likely to plan on purchasing sustainable products this year to help reduce their environmental impact. Further, 72 per cent GenZ/millennials Indians are more likely to talk to their children about environmental issues.

According to the report, 98 per cent of respondents wish companies would make it easier for them to reduce their carbon footprint whereas 97 per cent of those surveyed said that they will be more loyal to a company/brand that works to address environmental issues.

For 96 per cent of Indians surveyed, one of their goals in 2022 is to make more sustainable choices when purchasing clothes, tech products, eating food and while traveling and 86 per cent of them have already started shopping at second hand or consignment retailers rather than purchasing new items to reduce environmental impact. 

The survey revealed that for making decisions about where to dine out, more than half (55 per cent) of the respondents consider the number of plant-based options available at a restaurant.